The Treasury publishes data on recipients of loans from the paycheck protection program

July 6 (UPI) – The US Department of the Treasury released the names of more than 650,000 companies that received loans under the paycheck protection program on Monday.

Businesses appointed by the Department of the Treasury Monday included only those who received more than $ 150,000 in repayable loans to allow companies to pay their employees in the midst of the COVID-19 pandemic, which represents less than 15% of companies who received loans under from the program.

In total, nearly 4.9 million businesses have received more than $ 521 billion in loans under the program established by the government’s $ 2 trillion economic stimulus bill.

The loan recipients employed 51 million people before the pandemic, which represented about 85% of the workforce in businesses with fewer than 500 employees.

Treasury Secretary Steven Mnuchin said the average loan size for the program was $ 107,000, and 27% of the loans were distributed to businesses in low- and moderate-income communities.

“Today’s release of loan data strikes an appropriate balance between transparency for the American people while protecting sensitive wage and personal income information for small businesses, sole proprietors and independent entrepreneurs,” said said Mr. Mnuchin.

California companies received the most loans with $ 68.2 billion, Texas in second place with $ 41.1 billion, followed by New York with $ 38.3 billion.

Several recipients listed by the Treasury Department include companies linked to members of the Trump administration, including Secretary of Transportation Elaine Chao, Secretary of Agriculture Sonny Purdue and a school named after the son-in-law’s grandfather and adviser to President Donald Trump, Jared Kushner. Businesses linked to West Virginia Governor Jim Justice and Ohio Governor Mike DeWine were also included.

Also read:  U.S. Senator Warren lashes out at energy companies over natural gas prices

The Treasury Department said the program has about $ 132 billion in funding, as Trump signed a law on Saturday extending the deadline for submitting applications until August 8.

Source: UPI

Leave a Reply

Your email address will not be published. Required fields are marked *